In 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages. Change in demand? Change in supply? Change in market equilibrium price? Change in market equilibrium quantity? Graph?

Demand Assignment Turn in hard copy at the beginning of class on Tuesday (02/06). It will be easier to draw the graphs by hand as opposed to electronically but be sure they are legible and to scale. Use the following demand schedule for a market for oranges to answer the following questions. Price ($/1b) Quantity Demanded (1000 lbs) 50 40 30 20 10 0 0 1 2 3 4 5 1. Plot the demand curve. 2. Suppose average incomes in this market increase. Illustrate how this will impact the oranges market. Label the 'new' curve. 3. New scenario. Suppose the price of apples decreases. In a new chart, illustrate how this will impact the oranges market. 4. Provide another specific example of a factor that would increase the demand for oranges. 5. Provide another specific example of a factor that would decrease the demand for oranges.

Draw a graph of a competitive market in equilibrium, and illustrate a decrease in Supply. Carefully label everything. Use the "E" labels to label the equilibrium points. As a result of the shift, what will happen to price and quantity? Carefully explain the mechanism that causes price to adjust after the shift, and illustrate it on your graph. Carefully label everything on the graph. Use the boxes below to type your answer. If you reach the line that divides the left side from the right side, start a new line in the next box down. If you do not use all of the boxes, put an "x" in the boxes you do not use.

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